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Tuesday, October 15, 2019

SENATE AMENDS PRODUCTION SHARING CONTRACT LAW



The Senate President, Ahmed Lawan was on Monday being October 14, 2019 approved the Senate to amend the law on production sharing contract in the oil industry.

He made this statement while declaring a public hearing on the Deep Offshore and Inland Basin Production Sharing Contract 2004 bill amended 2019 opened and it was sponsored by Senator Albert Bassey Akpan.


He said that the Petroleum Industry Bill which was first introduced in 2007 is yet to be passed in its entirety. Also wants the National Assembly to adopt a different approach to make the passage of the PIB a reality.

He has this to say:

“it has become absolutely necessary for us to do so as a country so that we can generate more revenues from our endowments.”


“We want to attract more investments and therefore it is absolutely necessary that we engage in a process that we produce a win-win situation for Nigeria and the business concerns in the oil and gas industry.”

“Let me assure everyone here that the national assembly is determined to pass this bill and of course that will be a precursor to our determination to pass the Petroleum Industry Bill next year”.


“We want to see a situation where the Legislature and the Executive work very closely to have a PIB that will attract investment into the oil and gas sector in Nigeria.”

“An investment climate that will be competitive; we know we have other countries who have this product, and therefore we have to be competitive, we have to have an environment where the businesses make profit.” 


“This is a journey that involves everyone. We want both govt – and that includes the legislature and executive on one hand and Int’l Oil Companies to work together to ensure that this environment we are trying to create is an environment that will work for all of us.”

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